Folli Follie Commercial Manufacturing and Technical Société Anonyme (the Company) provides the following further update to the market further to a relevant request by the Hellenic Capital Market Commission (HCMC).
Provisional Order issued in respect of the Company at the hearing of 12 September 2018
The Company, following its previous announcement dated 14.8.2018 and with respect to the Company’s application for the provision of protective measures under article 106a(6) of the Bankruptcy Code (Greek Law 3588/2007 as amended) which was heard by the Judge of the Athens Single Member Court of First Instance on 12 September 2018, announces that on 13 September 2018 an official copy of the Court order has been received according to which:
The Court has accepted in part the request for the extension of the provisional order which was granted in respect of the Company by Judge of the Athens Single Member Court of First Instance on 20 July 2018 pending the issue of the court judgment on the application.
In particular, the Court temporarily prohibits:
(a) the commencement or continuation of any enforcement measures against the Company;
(b) the initiation of interim measures and the issue of a provisional order against the Company;
(c) the registration of prenotations of mortgage and the creation of pledges over the Company's assets as well as the disposal of real estate assets;
(d) any reversal, exercise of set-off or making of set-off entries, as well as the imposition of any kind of freeze over the Company's bank deposits and accounts in respect of claims against the Company irrespective of the time these claims came into existence.
The Court has rejected the extension of the provisional order which was granted by the Judge of the Athens Single Member Court of First Instance on 20 July 2018 in favour of the Company’s joint debtors and joint guarantors Messrs. Georgios Koutsolioutsos and Dimitrios Koutsolioutsos.
Finally, with respect to corresponding applications filed (a) by the Company’s 100% subsidiary, Folli Follie Holding S.A., and (b) by the Company’s joint guarantor Mrs Aikaterini Koutsolioutsou, which both were filed under article 106a(6) of the Bankruptcy Code and were also heard by the Athens Single Member Court of First Instance on 12 September 2018, together with the Company's application, the Court has not granted relevant provisional orders until the issue of a judgement on the said applications.
Delivery of Ernst & Young – Alvarez & Marsal’s reports
In line with the Company’s announcement dated 7.9.2018, Alvarez & Marsal's reports are expected to be delivered to the Company and Ernst & Young before the end of September. Following delivery of Alvarez & Marsal’s reports to Ernst & Young, Ernst & Young's timetable for the delivery of their work will be announced. The delay of the delivery of Alvarez & Marsal’s reports has been caused by the complexity of the forensic evaluation of the most recent financial statements and the numerous Asian subsidiaries.
Market Abuse Regulation
This announcement is released by Folli Follie Commercial Manufacturing and Technical Societe Anonyme following a relevant request by the Hellenic Capital Market Commission (HCMC) and in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR) and the Rule Book of the Athens Exchange. It contains information that qualifies as inside information for the purposes of Article 7 of MAR. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, the person responsible for arranging the release of this announcement on behalf of the Company is Mantalena Kasidiaropoulou, Head Investor Relations.